Tuesday, September 25, 2007

Plan for Turnaround Tuesday Sept 25, 2007

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ES Resistance @1530-1534, 1541-1544, 1550-1553
ES support @1515-1520, 1500-1505, 1485-1490


Open gap @1490 (9/17)
Open gap @1467 (9/10)
Open gap @1450 (8/28)

As mentioned previously, 1530 level is the key level to watch for this week. As it turns out, ES dropped below that in the overnight session, so we are gapping down to open today's session.
My Resistance level @1541 was spot on for yesterday's trading, and my support zone was just 1 point below where ES reversed in the morning. Not bad.

If ES does not close the gap, then we are headed back down to 1515. But for now, I will see if there is a reversal in the 1515-1520 area and look for a long play on the attempt to fill the gap down.

UPDATE: Out of stupidity, I used Monday's post to write this post, so I have overwritten Monday's post.
If anyone has a copy of Monday's post on file, please forward a copy to me, or if anyone knows how to recover old posts from Blogger, please let me know.

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